15 - The Housing Market Has Bottomed Out!

The US housing market saw a historic decline in home sales in the second half of 2022 but has since stabilized due to improved home buyer confidence, tight supply, and slight declines in home prices and mortgage rates. According to CoreLogic, the housing market may return to growth mode, with a 0.8% home price uptick in February after seven consecutive months of home price declines. However, not everyone agrees with CoreLogic's outlook. Firms like Fannie Mae and Moody's Analytics predict a fall in home prices this year due to spiked mortgage rates and the Pandemic Housing Boom's run on home prices pushing home affordability too far beyond fundamentals. While national home prices may have bottomed out, not every market will be insulated, like Austin and Boise, which could be vulnerable to corrections in the second half of 2023.

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